NOTE: If a grant gives LEs to B, then the original grantor provides that C should get property in the will, C has a reversion because he takes the place of the original grantor. Power of termination (PI = FSSCS)- interest goes back to grantor if condition of the grant is breached AND he exercises the power .A  Also called right of entry. Allows a grantor to terminate in interest to enforce a condition subsequent.
Condition subsequent is when the remainder is created first, and then the condition is usually in the subsequent clause. Property is not automatically forfeited upon breach of the condition.A  Original grantor must exercise power of termination. Possibility of reverter (PI = FSD) - arises in the grantor when he grants a determinable interest (FSD). Grant does not have to explicitly create the interest, because forfeiture occurs automatically when the condition is breached.A  Grantor does not have to act. Remainder- interest in a third party that immediately follows the natural expiration of the preceding interest. Key is that the first interest ends naturally and is not cut short by some other event, such as violation of a condition subsequent. The remainder is subject to a condition precedent (condition that is part of the granting clause creating the remainder or comes in a previous clause). If there is NO CONDITION SUBSEQUENT, then ----> Indefeasibly vested remainder. If THE CLASS OF GRANTEES COULD EXPAND IN NUMBER, then ----> Vested remainder subject to open (RAP!).
Class closes due to rule of convenience when the gift can be distributed and there is at least one eligible class member. Assuming the class is not already closed, a person becomes a member of the class upon conception. If there is a CONDITION SUBSEQUENT that could divest the remainderman of the entire interest, then ----> Vested remainder subject to complete divestment. Executory Interest (RAP!) - Occurs if the interest will ONLY follow the violation of some condition. Here is no natural expiration of the first interest; the violation of a condition is the only way that Smith could get the property. B has a contingent remainder because there is a condition precedent (B must survive A) and because there is another option (if B doesn't survive A, C gets it). C has an alternative contingent remainder because C is the other option if B breaches condition precedent. If it fails because the party does not take unless some condition precedent has been met, then the party has a contingent remainder. Vested Remainder Subject to Complete Defeasancea€”Conditions (i), (ii) and (iv) are satisfied, but condition (iii) fails. This is a€?Estatesa€?, section 11.1 from the book Legal Aspects of Property, Estate Planning, and Insurance (v. This content was accessible as of December 29, 2012, and it was downloaded then by Andy Schmitz in an effort to preserve the availability of this book. PDF copies of this book were generated using Prince, a great tool for making PDFs out of HTML and CSS. For more information on the source of this book, or why it is available for free, please see the project's home page. helps people like you help teachers fund their classroom projects, from art supplies to books to calculators. Distinguish between the various kinds of estates, or interests, in real property that the law recognizes.
In property law, an estate is an interest in real property, ranging from absolute dominion and control to bare possession.
The common law distinguishes estates along two main axes: (1) freeholds versus leaseholds and (2) present versus future interests.
A present estate is one that is currently owned and enjoyed; a future estate is one that will come into the ownera€™s possession upon the occurrence of a particular event. The strongest form of ownership is known as the fee simple absoluteThe most extensive set of rights that can be conveyed in real property. An estate measured by the life of a particular person is called a life estateAn estate measured by the life of a particular person. The life tenantSomeone who holds an estate in land for his or her life or the life of another.
A reversionA reversion arises whenever the estate transferred has a duration less than that originally owned by the transferor. See the license for more details, but that basically means you can share this book as long as you credit the author (but see below), don't make money from it, and do make it available to everyone else under the same terms. However, the publisher has asked for the customary Creative Commons attribution to the original publisher, authors, title, and book URI to be removed.
In this chapter, we consider both present and future freehold interests; leasehold interests we save for Chapter 13 "Landlord and Tenant Law". He can give that interest to someone else, in which case it is known as a remainderThe real property interest that remains after the life estate interest or other interest subject to defeasance. Estates are of many kinds, but one generic difference is between ownership estates and possessory estates. She sells the house to the Hartley family, who wish to have a conveyance from her that says, a€?to Harriet Hartley for life, remainder to her son, Alexander Sandridge.a€? Alexander is married to Chloe, and they have three children, Carmen, Sarah, and Michael.
You may also download a PDF copy of this book (7 MB) or just this chapter (540 KB), suitable for printing or most e-readers, or a .zip file containing this book's HTML files (for use in a web browser offline). The owner of a car has the right to drive it where and when she wants, rebuild it, repaint it, and sell it or scrap it. Any transfer specifying that the ownership will terminate upon a particular happening is known as a fee simple defeasibleAny transfer specifying that the ownership will terminate upon a particular happening.. The life tenant must pay the life estate for ordinary upkeep of the property, but the remainderman is responsible for extraordinary repairs. Despite the implications of its name, the future interest is owned now but is not available to be used or enjoyed now. A typical example of a simple reversion is that which arises when a life estate is conveyed. Fee simple estates and life estates are ownership estates, while leasehold interests are possessory. The notion that the owner might lose her property when a particular event happens is foreign to our concept of personal property. The freehold can be outright ownershipa€”called the fee simple absolutea€”or it can be an interest in the land for the life of the possessor; in either case, it is impossible to say exactly how long the estate will last. As one court put it, a€?The grant of a fee in land conveys to the grantee complete ownership, immediately and forever, with the right of possession from boundary to boundary and from the center of the earth to the sky, together with all the lawful uses thereof.a€?Magnolia Petroleum Co.

Most of these states give a widower a similar interest in the property of his deceased wife. For the most part, future interests may be bought and sold, just as land held in fee simple absolute may be bought and sold. The ownership conveyed is only for the life; when the life tenant dies, the ownership interest reverts to the grantor.
Among ownership estates, the principal division is between present estates and future estates. In the case of one who owns property outright, her estate will last until she sells or transfers it; in the case of a life estate, it will last until the death of the owner or another specified individual. Warbucks conveys a tract of land a€?to Miss Florence Nightingale, for the purpose of operating her hospital and for no other purpose.
If Scarlett sells the house and dies a month later, the buyera€™s interest would terminate. Dower is an alternative to whatever is bequeathed in the will; the widow has the right to elect the share stated in the will or the share available under dower.
There are several classes of future interests, but in general there are two major types: reversion and remainder. Rhett is said to have a vested remainder interest, because on Scarletta€™s death, he or his heirs will automatically become owners of the property. An owner of a future estate has an interest that can be bought and sold and that will ripen into present possession at the end of a period of time, at the end of the life of another, or with the happening of some contingent event.
Does Alexander, Carmen, Sarah, or Michael have any part of the estate at the time Jessa conveys to Harriet using the stated language? You would doubtless think it odd if you were sold a used car subject to the condition that you not paint it a different colora€”and that if you did, you would automatically be stripped of ownership.
A leasehold estateAn estate whose termination date is usually knowna€”a one-year lease, for example. Conveyance to be good as long as hospital remains on the property.a€? This grant of land will remain the property of Miss Nightingale and her heirs as long as she and they maintain a hospital. To prevent the dower right from upsetting the interests of remote purchasers, the right may be waived on sale by having the spouse sign the deed. Since the reversion is a class of property that is owned now, it can be inherited, and the grantora€™s heirs would take the reversion at the subsequent death of the life tenant.
The number of permutations of reversions and remainders can become quite complex, far more than we have space to discuss in this text. Land and other real property can be divided into many categories of interests, as we will see.
A one-year lease, for example, will expire precisely at the time stated in the lease agreement.
Although the fee simple may be encumbered by a mortgage (you may borrow money against the equity in your home) or an easement (you may grant someone the right to walk across your backyard), the underlying control is in the hands of the owner.
Though it was once a complex matter in determining whether a person had been given a fee simple interest, today the law presumes that the estate being transferred is a fee simple, unless the conveyance expressly states to the contrary. Note that the conveyance of land could be perpetual but is not absolute, because it will remain the property of Miss Nightingale only so long as she observes the conditions in the grant.

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